Wagner Realty
March
27
27
What to Look for in a Property Management Service in 2023
In 2023, make the most of your valuable assets with these helpful tips on what to look for in a property management service.
- Think Local
Remember, a property management service should be your eyes and ears, especially if you live out of town or travel frequently. A local service will be able to devote the proper amount of time to managing your properties. They are also a great resource for local information, such as average rental rates and current municipal laws. - Perform Due Diligence
You'll most likely have no problem getting a list of recommended property management services from friends and business associates. While your associates are certainly trustworthy, they're still only one opinion. What works for them may not work for you. Be sure to check out Facebook, Yelp, and other online sites to get a more well-rounded perspective. - Make Technology a Priority
Effective property management requires extensive documentation and communication. Fortunately, today's sophisticated technology allows companies to safely organize and store vast amounts of data. - Interview Several Candidates
A property management company may look good on paper, with a stellar list of accomplishments, but intangible qualities are just as important. These are the types of features that can be evaluated only with an in-person interview. - Ask Specific Questions
General questions such as, "Where do you see yourself in five years?" are fine for individual job candidates. A property management service has a defined set of responsibilities, so ask specific questions that will give you a clear picture of how they operate. Topics can include marketing strategies to reduce vacancies, procedures for eviction, and how they perform property inspections. - Look for a Full-Service Company
Employing a property management company is supposed to simplify your life. When the job is fragmented across several different companies, things become more complicated. Look for a property management company that offers a full range of services, so all your needs are fulfilled in one source. - Choose a Licensed Service
While Florida doesn't have a property management license per se, the state does require a real estate broker's license to perform a full range of services. Without this license, a property manager is greatly restricted in what they are able to do on your behalf. For example, they are not allowed to recruit tenants, negotiate leases, or advertise properties. - Understand the Financial Arrangements
Discuss terms of compensation up front and make sure you are clear on all aspects. Property management fees are generally structured as a percentage of gross receipts, a flat fee, or a hybrid of these methods. - Negotiate Terms of the Contract
With any service, it's vital to have all the details spelled out to avoid misunderstandings on either side. For a property management service, such particulars include who will be your main contact and how maintenance and repairs are handled.
Sarasota homes for sale and Bradenton homes for sale also make wonderful rental properties, providing a steady stream of income. Spend more time out in the Florida sunshine and less time handling your rental properties. Contact us at Wagner Realty to learn about our comprehensive property management services from our real estate agents.